October 20, 2014 | Software conversion company BluePhoenix Solutions, headquartered in Israel, will merge with Ateras Sophisticated Business Systems in a share deal to form Modern Systems. According to the deal, BluePhoenix will issue 6.2 million shares at a value of $22.7 million, a value that constitutes a third of its capital, to Ateras shareholders in exchange for Ateras’ entire capital. Reports found that the two companies had an aggregate of $14.3 million in revenue in 2013. BluePhoenix, founded in 1987 and formerly controlled by Formula Systems, has a NASDAQ market cap of $42 million and is set to downsize its Israeli office following the merger.
Subscribe to NoCamels weekly newsletter and get our top stories
Related posts

Dubbing Startup Unveils Innovative Fair Pay Plan For Voice Actors
December 07, 2023

Non-Profit Launches 10M Shekel Fund For Israeli Small Businesses
December 06, 2023

Amid War, Program Helps Open US Doors For 10 Israeli Startups
December 06, 2023

Israeli Data Privacy Startup Raises $30M in Wartime
December 05, 2023
Facebook comments